REG - Grainger PLC - Successful lease up at Millwrights Place

GraingerAnnouncement

Tue 07:00

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RNS Number : 1137L  Grainger PLC  03 June 2025

3 June 2025

 

Grainger plc

 

Successful lease up at Millwrights Place

§ Millwrights Place completes lease up in under a year

§ Ahead of underwriting

§ Demonstrating strong customer demand

§ Highlights strength of Grainger's BTR operating platform

 

 

Grainger plc, the UK's largest listed residential landlord and leader in the
Build to Rent (BTR) sector, is pleased to announce the excellent lease-up
performance of 231 BTR homes at Millwrights Place in Bristol with the building
achieving stabilisation (95% or more lets agreed) in under a year. This
significant milestone, for the company's second scheme in Bristol, underscores
the strong demand for Grainger's high-quality rental homes and the efficiency
of its market-leading operating platform.

 

Helen Gordon, Chief Executive, said:

"We are delighted with the outstanding performance of Millwrights Place, which
has leased up significantly faster than our initial expectations and at rental
levels exceeding underwriting. This achievement is a direct result of our
team's dedication, the quality of our homes, and the strength of our operating
platform, designed to deliver an excellent customer experience.

 

"This success, alongside the strong leasing momentum at our other new
developments, validates our BTR strategy and our focus on creating thriving
communities. With Glasshouse Square, our third scheme in Bristol, progressing
well towards its launch later this year, we are confident in our ability to
continue delivering strong rental growth and attractive returns for our
shareholders, contributing to our target of 50% earnings growth by financial
year 2029."

 

Demonstrating strong market absorption, Millwrights Place reached
stabilisation in under a year from its launch in June 2024. This accelerated
timeline reflects the compelling residential offering and efficiency of
Grainger's leasing process, managed by its dedicated on-site teams and powered
by its CONNECT technology platform.

 

Rents at Millwrights Place are tracking consistently ahead of initial
underwriting projections and prevailing Estimated Rental Values (ERV) in the
Bristol market. Since its launch, the scheme has achieved rents c.3% ahead of
ERV.

 

Millwrights Place is Grainger's second BTR development in Bristol, following
the success of Hawkins & George at Finzels Reach. With Glasshouse Square,
Grainger's third scheme in Bristol, on track to launch later in the year, the
rapid stabilisation and strong rental performance at Millwrights Place
reinforces Grainger's long-term investment in the city, which totals £257m.
The cluster strategy with schemes in close proximity allows for enhanced
operational efficiencies, stronger brand recognition, and a deeper, more
nuanced understanding of local customer preferences and market dynamics.

 

The exceptional performance of Millwrights Place provides compelling evidence
of the resilient demand for high-quality, professionally managed rental homes,
characterised by persistently constrained supply. Grainger remains confident
in its strong outlook and its focused strategy to deliver long-term,
compounding returns and progressive dividends for its shareholders.

 

-ENDS-

 

 

For further information, please contact:

 

Investor Relations

Kurt Mueller, Director of Corporate Affairs, Grainger plc:
                     +44 (0) 20 7940 9500

 

Media

Kurt Mueller, Director of Corporate Affairs, Grainger plc:
                                +44 (0) 20 7940
9500

Valentine Agamah, Head of Communications, Grainger plc:
           +44 (0) 20 7940 9500

Ginny Pulbrook / Geoffrey Pelham-Lane, Camarco:
 +44 (0) 20 3757 4992 /
4985

 

Notes to editor

 

Visit the Millwrights Place website to see images of the scheme: Millwrights
Place (https://www.graingerplc.co.uk/developments/millwrights-place)

Take a virtual tour of Millwrights Place: Millwrights Place - Virtual Tour
(https://captur3d.io/view/grainger-3/millwrights-place)

Visit the website of Grainger's other Bristol development: Hawkins &
George (https://www.graingerplc.co.uk/developments/hawkins-george)

Visit Grainger's website to see its national portfolio of Build to Rent homes:
www.graingerplc.co.uk (http://www.graingerplc.co.uk)

 

About Grainger plc

Founded in Newcastle upon Tyne in 1912, Grainger plc, a FTSE 250 business, is
the UK's largest listed residential landlord and leader in the fast-growing
build-to-rent sector, providing c.11,100 rental homes to over 25,000
customers. With a pipeline of secured build-to-rent development projects
totalling c.4,500 homes and £1.3bn, Grainger is creating thousands more
rental homes by investing in cities across the UK.

 

Grainger works in partnership with a large number of public sector
organisations to deliver new homes to local communities, including Transport
for London, Network Rail, the Ministry of Defence, Lewisham Borough Council
and the Local Pensions Partnership.

 

Grainger's build-to-rent developments provide a range of customer benefits
from professional on-site resident services teams, resident amenities
including gyms, residents' lounges, roof terraces, meeting rooms and
co-working space for those working from home, and superfast 250MB fibre optic
broadband.

 

Recognised as a FTSE4Good business, Grainger also takes a leading approach to
sustainability, specifically Environmental and Social issues (ESG) and has an
ambitious target to be net zero carbon in the operations of its buildings by
2030, to have a diverse and inclusive workforce and to make a positive social
impact in locations where it invests and operates.

 

 

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